Charles Stanley Direct to increase fee to 0.35%
Comments
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Does anyone have experience of Close Brothers? Same 0.25% platform fee for ISA and SIPP, no charges for fund trades, no transfer out fees either.0
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I don't like how they've handled this, apart from the price rise itself. They've not given much warning and in holiday season too! Bear in mind you can transfer out for free by giving a counter notice to CSD within 30 days of their email. Something contained in their terms and conditions but remarkably not mentioned in their email or links in it. One of those if you don't like a price rise you can leave for free. Different industry sector but even BT broadband make customers aware of their rights upon a price rise....0
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I'm currently only invested in Vanguard LS with CSD so I suppose the logical move for me would be to Vanguards platform if I have no intentions on investing elsewhere and my funds don't warrent a fixed fee at this point?
Thanks for the heads up on not paying a fee to transfer out. Just contacted CSD for confirmation.0 -
Does anyone have experience of Close Brothers? Same 0.25% platform fee for ISA and SIPP, no charges for fund trades, no transfer out fees either.
When I was looking for a sipp a few months ago I discounted them as their choice of funds seemed to be missing a lot of the funds that I was interested in.0 -
I don't like how they've handled this, apart from the price rise itself. They've not given much warning and in holiday season too! Bear in mind you can transfer out for free by giving a counter notice to CSD within 30 days of their email. Something contained in their terms and conditions but remarkably not mentioned in their email or links in it. One of those if you don't like a price rise you can leave for free. Different industry sector but even BT broadband make customers aware of their rights upon a price rise....
Thanks for the heads up.....
CSD business terms_April 2018
"Variations in these Terms or in our services
8. We may vary these Terms or the characteristics of any of our services
at any time for the following reasons, subject to the conditions set out
below:
(i) we may make a variation in order to comply with the Rules or
with relevant accepted market custom and practice. If we do
so we shall seek to give you not less than ten business days’
notice in advance, but where this is not possible we shall notify
you as soon as we can thereafter;
(ii) we may make a variation with a view to improving or
extending the service that we offer. If we do so we shall give
you not less than ten business days’ notice in advance.
(iii) in the case of any other variation in these Terms or in the
characteristics of our services (including a variation in our
Rates and Charges Sheet) we shall give you not less than
ten business days’ notice in advance. Where the variation is
material in relation to the substance of these Terms (including
a variation in our charges) and/or to a particular service which
you are receiving, and you give notice of termination within 30
days of receiving our notice of the variation, we shall make no
charge for transferring away on your instructions any securities
which we may be holding for you."
Email on the way. :cool:No longer trainee
Retired in 2012 (54)
State pension due 2024 (66)
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I have a SIPP with AJ Bell for the last six years or so and they're fine - I've transferred lumps in from a couple of other pension providers over the years (including this year) with no issues, nice and easy (though these were done as cash transfers), and the range of funds offered is broader than Halifax / IWeb.Move to where though ? Interactive Investor was one thought but their customer service puts me off, AJ Bell i need to look into more.
Other providers will pay back any moving fees for you
The majority of what I hold is not funds but instead ITs, ETFs and shares, so the 0.25% charge caps out at £40k on that part of the SIPP portfolio (£100/yr); while in their ISA or unwrapped, the charge on the stock-exchange-traded stuff caps out at £12k invested (£30/yr). These caps are lower than CSD's cap of £240 collectively across the account types for exchange-traded stuff.
The 'paying back of moving fees' with AJ Bell has been a long term offer for new and existing customers - they'll pay up to £500, but the minimum transfer in to get your fees paid these days is £20k. So if you didn't get to move from CSD without fees (because of leaving it a while), you would find that AJ Bell would cover those fees if you're a big enough customer.
The service from AJ Bell is fine and the regular investment service to buy once a month at £1.50 per trade covers a broad range of equities, ITs and ETFs and you can change it every single month if you want (it also covers funds but they are 1.50 to buy (or to sell) whenever anyway).
I expect most people who had a fund-heavy portfolio at CSD paying 0.25% on it will find that it is not a huge amount more expensive to be at AJ Bell instead paying 0.25% on it plus 1.50 per fund purchase or sale; if you do twenty puchases or sales over the year it's £30 for those £1.50s ; whereas CSD's new fee scale of 0.35 instead of 0.25 is a minimum of £30 extra on £30k and more on more than that. The question is really if you have a large fund-heavy portfolio do you just jump ship to a fixed-fee provider instead.0 -
Some interesting points in their FY18 results (March Y/E)
"The aim for the next two years is to drive asset growth [at Charles Stanley Direct] via two channels. First, from the next generation of digital clients via multi-channel marketing with a low cost per acquisition. The intention is to service those clients increasingly from the new app which will shortly allow clients to deposit money and trade funds. Second, by facilitating the transfer process from the Investment Management Services division of Execution-only clients for whom Charles Stanley Direct’s lower cost service might be more appropriate."
"Charles Stanley Direct continues to make very encouraging progress and although it reported a small loss for the year of £0.3 million, it achieved a profit of £0.2 million in the second half. This was driven by a combination of ongoing growth in its customers and AuA on a relatively static cost base."0 -
Worth bearing in mind though that AJ Bell is so far the only UK platform that has in the past raised its prices -- substantially and to multiples of the previous price for some customers -- without also offering a limited-time free transfer out. And not just once, but twice.bowlhead99 wrote: »The 'paying back of moving fees' with AJ Bell has been a long term offer for new and existing customers - they'll pay up to £500, but the minimum transfer in to get your fees paid these days is £20k. So if you didn't get to move from CSD without fees (because of leaving it a while), you would find that AJ Bell would cover those fees if you're a big enough customer.
In other words, be aware that this YouInvest offer might come with a sting in its tail. My own Interactive Investor SIPP is all funds/OEICs and is actually a refugee from the first YouInvest price hike. With Interactive Investor's charging model I am much happier and much better off financially, even after paying YouInvest's somewhat hefty transfer out fees.0 -
traineepensioner wrote: »CSD business terms_April 2018
" Where the variation is
material in relation to the substance of these Terms (including
a variation in our charges) and/or to a particular service which
you are receiving, and you give notice of termination within 30
days of receiving our notice of the variation, we shall make no
charge for transferring away on your instructions any securities
which we may be holding for you.[/I]"
Also emailed. Assumed they would have to offer free transfer but even better it's in their own terms. 0 -
Cavendish and AJ Bell are obvious alternatives at 0.25%. Cavendish don't do shares and AJ Bell charge £1.50 per trade. Vanguard Investor would be cheaper at 0.15% if you just want Vanguard (no SIPP yet), I have Fundsmith and L&G Global Healthcare & Pharma which shuts that door for me. iWeb are worth considering if you don't trade much and if they offer the funds you want, they don't appear to have Vanguard Global Small Cap. A quandary
I have Vanguard Global Small-Cap Index Fund GBP Accumulation (VIGSCA) with iWeb, if that's what you mean?0
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